Self Storage National Report – April 2025
Nearly all top metros recorded positive growth month-over-month, according to Yardi Matrix research.
Issues such as the ongoing market uncertainty, efficiency-driven AI and the increasing role of tech in self storage operations, but also pressure from rising insurance costs and taxes, were recently discussed at the SSA Spring conference in Orlando. Nevertheless, as Yardi Matrix experts observed, seasoned investors remained optimistic by focusing on long-term gains through disciplined capital deployment and strategic partnerships.
The overall advertised street rate fell to $16.51 in March, marking a 0.2 percent decline year-over-year. Annually, 13 of the top 30 metros saw improvement in advertised rates for non-climate-controlled units, while 17 of the top 30 metros showed an increase in advertised street rates in climate-controlled units compared to March 2024.
On a monthly basis, average advertised street rates per square foot for the 10×10 non-climate and climate-controlled units combined increased by 0.4% to $16.51. Of the top 30 metros tracked by Yardi Matrix, 28 saw an increase in advertised asking rent growth, while Charlotte registered negative movement and Orlando remained flat.
Construction activity remained steady
As of March, there were 3,191 self storage properties in all stages of development nationwide. The pipeline included 734 under construction, 2,046 planned and 411 prospective projects. The under-construction pipeline made up 2.9 percent of the total stock, remaining unchanged from the previous month.
As of March, Phoenix had the largest under-construction pipeline at 6.6 percent of existing stock, resulting in downward pressure on advertised rates due to the surge in new supply. Charleston also registered the largest increase in construction activity, up 60 basis points month-over-month, but its pipeline remained low at 2.2 percent of existing inventory.
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